ENERGY - Oil prices have plunged in New York and London after disappointing economic data in the US and China, the world's biggest crude oil consumers.

New York's main contract, West Texas Intermediate for May delivery, closed at $US88.71 a barrel on Monday, down a hefty $US2.58 from Friday. Earlier in the day WTI had slumped to $US87.86, its lowest level since late December.

Brent North Sea crude for delivery in May tumbled $US2.72 to settle at $US100.39 a barrel in London trade. The European benchmark had flirted with $US100 - a level not crossed since July 12, 2012 - in early trade.

The Chinese data renewed concerns about another possible slowdown in Chinese demand for both oil and metals.

The news raises questions about the strength of the world's number-two economy, which is a key driver of global growth, analysts said.

In the US, April data showing a larger-than-expected slowdown in New York state manufacturing and a drop in confidence of US homebuilders also weighed on the oil market.

PRECIOUS METALS - Gold prices plunged more than nine per cent on Monday to a two-year low, capping two days of turbulent trading that saw the biggest losses in the precious metal in recent history.

Since Thursday, gold prices have declined by more than $US200 an ounce, a two-day record in US dollar terms since gold futures began trading in the US in 1974. Gold for April delivery, the front-month contract, ended down 9.4 per cent at $US1,360.60 an ounce on the Comex division of the New York Mercantile Exchange.

In percentage terms, Monday's drop was gold's biggest in 30 years.

"It's a sea of red," said Ira Epstein, a director at Linn Group futures brokerage. Trading volumes in the futures market hit a record.

Silver, which tends to see more exaggerated moves than gold due to its relatively thin market, closed down 11 per cent at $US23.355 an ounce for the April contract.

Platinum and palladium futures also tumbled but not as severely as gold or silver.

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